February 19, 2020 / 12:36 PM / in 4 months

CANADA STOCKS-TSX futures edge up as oil prices gain on slowing virus spread

Feb 19 (Reuters) - Futures for Canada’s main stock index were marginally up on Wednesday, gaining support from higher crude prices as a fall in the number of new coronavirus cases in China for the second straight day eased oil demand worries.

March futures on the S&P/TSX index were slightly up 0.05% at 7:05 a.m. ET.

Oil prices were also buoyed by a U.S. decision to blacklist a trading subsidiary of Russia’s Rosneft which President Donald Trump’s administration said provided a financial lifeline to Venezuela’s government.

Canadian inflation data is due at 08:30 a.m. ET.

The Toronto Stock Exchange’s TSX closed 0.06% higher at 17,858.34 on Tuesday.

Dow Jones Industrial Average e-mini futures were up 0.25% at 7:00 a.m. ET, while S&P 500 e-mini futures were up 0.25% and Nasdaq 100 e-mini futures were up 0.36%.

TOP STORIES

Caltex Australia Ltd said on Wednesday that Britain’s EG Group has offered to buy the convenience store, petrol station and refinery firm, rivaling Canada’s Alimentation Couche-Tard Inc’s twice-improved A$8.80 billion bid.

Canadian fertilizer maker Nutrien Ltd on Tuesday reported a smaller-than-expected quarterly profit and forecast full-year earnings below analysts’ estimates on weak global demand for fertilizers and lower potash prices.

ANALYST RESEARCH HIGHLIGHTS

Air Canada: RBC cuts price target to C$58 from C$59

Aphria Inc: Bryan Garnier cuts fair value to C$6.5 from C$12.4

Park Lawn Corp: CIBC cuts price target to C$33 from C$34

COMMODITIES AT 7:05 a.m. ET

Gold futures: $1609.6; rose 0.54%

U.S. crude: $52.84; rose 1.52%

Brent crude: $58.6; rose 1.47%

U.S. ECONOMIC DATA DUE ON WEDNESDAY

0830 Building permits, number for Jan: Expected 1.450 mln; Prior 1.420 mln

0830 Building permits, change mm for Jan: Prior -3.7%

0830 Housing starts number for Jan: Expected 1.425 mln; Prior 1.608 mln

0830 Housing starts mm, change for Jan: Prior 16.9%

0830 PPI final demand yy for Jan: Expected 1.6%; Prior 1.3%

0830 PPI final demand mm for Jan: Expected 0.1%; Prior 0.1%

0830 PPI ex-food/energy yy for Jan: Expected 1.3%; Prior 1.1%

0830 PPI ex-food/energy mm for Jan: Expected 0.1%; Prior 0.1%

0830 PPI ex-food/energy/transport yy for Jan: Prior 1.5%

0830 PPI ex-food/energy/transport mm for Jan: Prior 0.1%

FOR CANADIAN MARKETS NEWS, CLICK ON CODES:

TSX market report

Canadian dollar and bonds report

Reuters global stocks poll for Canada

Canadian markets directory

$1 = C$1.32 Reporting by Sourav Bose in Bengaluru; Editing by Shounak Dasgupta

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